It was contested from 12 October 2024 as a first-to-seven-wins match-race series in Barcelona, Catalonia, Spain, between Taihoro, representing the defender, the Royal New Zealand Yacht Squadron;[2] and Britannia, representing the Royal Yacht Squadron of the United Kingdom, which won the Louis Vuitton Challenger Selections Series, also in Barcelona, on 4 October 2024.

Immediately after Te Rehutai achieved its seventh win in the 36th America's Cup, the Chairman of Royal Yacht Squadron Racing, Bertie Bicket, issued a pre-arranged, "friendly" challenge to the Commodore of the Royal New Zealand Yacht Squadron, Aaron Young.

The 36th match from 10 to 17 March 2021 was the Royal New Zealand Yacht Squadron's fourth America's Cup victory, following its wins in 1995, 2000 and 2017, making it the second most successful club in the competition's history.

The 2021 win also made the Royal New Zealand Yacht Squadron the only club to have twice successfully challenged for and then defended the America's Cup.

[14][15][16][17] The full text and terms of the challenge have not been made public, but a number of areas of agreement have been revealed in media statements by the Royal Yacht Squadron and Royal New Zealand Yacht Squadron and their sailing teams, and in subsequent public comments.

Royal Yacht Squadron Racing Ltd and Royal New Zealand Yacht Squadron also intend that the AC75 class should be used for the 38th America's Cup, and say that agreement to this will be a condition of entry for any other complying clubs wishing to enter any challenger series for the 37th America's Cup.

[18] It has been agreed a new crew nationality rule will require 100% of race crews to either be a passport holder of the country the team's yacht club as of 19 March 2021 or to have been physically present in that country (or, acting on behalf of such a yacht club in Auckland, the venue of the 36th America's Cup Events) for two of the previous three years prior to 18 March 2021.

In addition, Royal Yacht Squadron Racing Ltd and Royal New Zealand Yacht Squadron have committed to "investigating and agreeing a meaningful package of campaign cost reduction measures including measures to attract a higher number of challengers and to assist with the establishment of new teams".

The Royal Yacht Squadron's challenge will be the first time a British team has competed in three consecutive America's Cup cycles since 1930.

[7] Circolo della Vela Sicilia, represented by Luna Rossa Prada Pirelli, have indicated their interest in returning for the 37th America's Cup.

Luna Rossa previously lost to Emirates Team New Zealand in the 2021 America's Cup final.

The NYYC submitted a challenge to the Royal New Zealand Yacht Squadron on 6 May 2021, alongside an Evolutionary Draft Protocol for the 37th America's Cup.

The America's Cup match was a best of 13 race series held October 2024 between Taihoro, owned and sailed by the Emirates Team New Zealand syndicate representing the Royal New Zealand Yacht Squadron, and INEOS Britannia, the winner of the qualifying event – the 2024 Louis Vuitton Cup.